íŕçâŕíčĺ

Swedish Government Land Registry Soon To Conduct First Blockchain Property Transaction

Swedish Government Land Registry Soon To Conduct First Blockchain Property Transaction
Swedish land registry Lantmäteriet is soon going to conduct their first Blockchain property sale with volunteers after two years of testing.

Sweden’s land-ownership authority, the Lantm?teriet, is soon expected to conduct their first Blockchain technology property transaction after two years of testing, the Wall Street Journal (WSJ) reported Wendesday, Mar. 7.

Lantm?teriet is currently shortlisting volunteers to participate in buying and selling property on its own Blockchain-based platform. Mats Sn?ll, Lantm?teriet’s chief digital officer, told the WSJ that “from the technology point of view, we are quite ready.”

Lantm?teriet first started testing Blockchain technology in 2016, completing their second stage of trials in March 2017. By July 2017, the Swedish land registry was using Blockchain to register land and properties on the Swedish Blockchain startup ChromaWay’s private Blockchain network, albeit on a “small scale,” according to Sn?ll.

Besides ChromaWay, the Lantm?teriet has partnered with with telecom company Telia Co. AB and consulting firm Kairos Future for the Blockchain real estate development project, the WSJ reports.

Even though according to the WSJ the Lantm?teriet already functions in a “highly digitized and paperless” system, the time from signing a contract to registering a sale can take between three to six months.

With the Blockchain system, “it could be hours,” J?rgen Modin, chief solutions architect at ChromaWay, tells the WSJ. Modin added that the buyer and seller don’t even have to be located in the country for the deal to go through.

The WSJ reports that there are still obstacles to overcome in Sweden before Blockchain can be adopted on a wide scale for real estate dealings, namely that digital signatures for registering or purchasing properties are currently illegal under Swedish law.

In September of last year, the US Nasdaq and Swedish bank SEB began testing a Blockchain-based trading platform for mutual funds.

07.03.2018 / 04:04 67
FinTech Valley – Vizag Aims to be India’s Blockchain Hub FinTech Valley – Vizag Aims to be
Visakhapatnam, also known as Vizag, may be a picturesque little coastal city but if all goes according to plan, it could become India’s FinTech hub.
First Nordic Shipping ICO Announced First Nordic Shipping ICO Announced
Copenhagen, March 6, 2018 – Danish company Blockshipping, the creators of the Global Shared Container Platform, (GSCP), announces ICO (Initial Coin
24-Year-Old Sent to Prison for Selling Bitcoin to Agents Without Asking for ID 24-Year-Old Sent to Prison for Selling
US law agencies can celebrate another success in their tireless crusade to stop ‘unlicensed money transmitting’ in the land of the free. The latest
Asian Altcoin Trading Roundup: Top Cryptocurrency is Ripple Asian Altcoin Trading Roundup: Top
FOMO Moments Another week begins in crypto land and the Asian markets are bubbling away nicely. Most altcoins are in the green, albeit marginally,
Comments (0)
Add a comment
Comment on